Public sector oil marketing companies (PSU OMCs) may edge lower after Indian Oil Corporation (IOC) on Friday, 15 March 2013, reduced petrol price by Rs 2 per litre, excluding VAT, with effect from midnight of 15 March 2013. After the inclusion of VAT, the reduction in the price of petrol in Delhi comes to Rs 2.40 per litre, resulting in the fuel costing Rs 68.34 per litre in Delhi against Rs 70.74 per litre. The reduction comes on the back of easing in international oil prices. Friday's slash in petrol prices follows two rounds of price hikes since February. Petrol prices were raised by Rs 1.50 per litre on 16 February, followed by another increase of Rs 1.40 per litre on 2 March 2013. Since last price change, international prices of crude oil have slid from $112.73 a barrel to $107.41 a barrel leading to consequential fall in international prices of MS. On the other hand, Rupee has depreciated marginally, IOC said in a statement. Following this trend, it has been decided to pass on the benefit to the customers, the company added.
IOC said that PSU OMCS have already lost over Rs 1130 crore on sale of petrol so far during the current financial year (FY 2013). In addition to losses on sale of petrol, PSU OMCs are suffering under-recovery on sale of High Speed Diesel (HSD) of Rs 8.64 per litre applicable for the second fortnight of March 2013. The under-recovery for PDS Kerosene stands at Rs 33.43 per litre for March 2013. In case of Domestic LPG, the under-recovery stands at Rs 439 per cylinder for March 2013. The under-recovery for PDS Kerosene and Domestic LPG is calculated on monthly basis whereas the under-recovery for HSD is calculated on fortnightly basis.
Projected under-recovery of the PSU OMCs on three sensitive products is expected to be around Rs 163000 crore during current year, IOC said. The movement in international oil prices and Rupee-Dollar exchange rate is being monitored and decision on future price changes shall be taken accordingly, IOC said in statement.
Three PSU OMCs (HPCL, BPCL, IOC) review the fuel prices on 1st and 16th of every month based on the average imported oil price in the previous fortnight.
Coal India turns ex-dividend today, 18 March 2013, for interim dividend of Rs 9.70 per share for the year ending 31 March 2013.
Engineers India turns ex-dividend today, 18 March 2013, for interim dividend of Rs 3 per share for the year ending 31 March 2013
Also Read
Multi Commodity Exchange (MCX) held its board meeting to gauge the impact of the commodity transaction tax (CTT) on its business prospects. The board has decided to make a detailed presentation to the market regulator, the Forward Markets Commission (FMC), on the impact of this levy.
The Government levied a CTT of 0.01% on non-agriculture commodity derivatives in the Union Budget for the Fiscal Year 2013-14 presented last month. MCX fears that this tax will lead to several job loss in non-urban areas, distortion in the price discovery mechanism, increase in hedging cost and drop in trading volumes.
In a communication to the FMC, the exchange will highlight the unprecedented tax discrimination between derivatives in agricultural and non-agricultural commodities, shift of volumes to illegal (dabba) trading platforms and to the international markets, said MCX in statement.
The different treatment given while imposing CTT among derivatives with different underlying assets in commodity trading is inconsistent with the taxation policy of the country, it said.
The board has also decided to take all the requisite steps to prevail on different authorities to withdraw CTT on non-agri commodities, MCX said in a statement.
Wipro Technologies, the Global Information Technology, Consulting and Outsourcing business of Wipro after trading hours on Friday, 15 March 2013, announced that it has been appraised at Capability Maturity Model Integration CMMI-DEV 1.3 Level 5. This assessment validates Wipro's process capability based on the CMMI standards that measure process improvements, Wipro Technologies said in a statement. An assessment at maturity Level 5 indicates that the organization is performing at an "optimizing" level. At this level, an organization continually improves its processes based on a quantitative understanding of its business objectives and performance needs. The organization uses a quantitative approach to understand the variation inherent in the process and the causes of process outcomes.
Acknowledging the recognition, Bhanumurthy BM, Chief Business Operations Officer, Wipro said: "This achievement demonstrates strong alignment of our quality processes with business objectives, leading to enhanced customer experiences. We are sure this CMMI journey will further strengthen our integrated toolsets to improve business outcomes for Wipro and our customers."
Devender Malhotra, Chief Quality Officer, Wipro Technologies, said: "Through this achievement, Wipro demonstrates the deep rooted quality culture within the organization that make a difference to our customers. CMMI high maturity processes have enabled us to predict project outcomes that are in sync with our business objectives."
Infosys after market hours on Friday, 15 March 2013, announced that the company has been selected by India Post to implement and manage a platform that will transform its rural operations. With this new agreement, Infosys will facilitate India Post's Rural Systems Integration (RSI) program, Infosys said. This initiative will increase adoption of the department's services, and enhance the reach of postal services to the country's rural population, streamlining the distribution of social benefits. As part of an earlier agreement, Infosys is also partnering with India Post to transform its financial services operations and end-user experience under the Financial Services System Integration program, Infosys said in a statement.
The two projects are part of the 'India Post 2012' modernization program that aims to bring transparency, agility, flexibility and scalability to its business operations. The programs will empower employees to deliver services more efficiently to rural communities using the latest technology. They will also position India Post as a key agent in the Government of India's inclusive growth policies, Infosys said in a statement.
Infosys will develop a Service Delivery Platform (SDP) that will leverage Infosys solutions such as mConnect, TruSync and Finacle Inclusion. These will serve as a foundation for the RSI program. The new SDP will allow more than 130,000 rural post offices to offer online services, Infosys said. Additionally it will connect and manage more than 130,000 handheld devices used by rural postal workers for distribution of social benefits under the National Rural Employment Guarantee Act and process Electronic Money Orders, Infosys said in a statement.
Commenting on the development, Mr. CN Raghupathi, VP and Head of India Business, Infosys said, "India Post has been a key driver of the country's socio-economic development for over 150 years. This partnership will give us the opportunity to promote inclusive growth by helping to deliver services more efficiently to all citizens. We will use our proven technology leadership and innovation capabilities to build a platform that will transform India Post and enhance its reach significantly."
Speaking about this deal, India Post said, "We are very happy to partner with Infosys on one of the largest transformational journeys India Post has ever undertaken. We are confident that Infosys will help make the Rural Systems Integration project a success."
Deepak Nitrite said that after completion of successful trial runs of production at its new Greenfield Plant at Dahej in Gujarat, has commenced first stream for commercial production of Optical Brightening Agent (OBA) on 15 March 2013.
Dr. Reddy's Laboratories announced that its Founder and Chairman, Dr. K. Anji Reddy, died in Hyderabad on Friday, 15 March 2013, after prolonged illness.
Powered by Capital Market - Live News